Mmbyc, That is an extremely difficult question to answer, it is...

Mmbyc,

That is an extremely difficult question to answer, it is in fact impossible at this stage.
FAR {apart from de-risking the 2 drills in question to actually discover oil in the first place} is still full of risk.

Currently, there are probably no similar stocks past or present to compare to at PRE 2C stage of proceedings.
A T/O will not be forthcoming now and probably only a miniscule chance of occurring Post 2C imo. REAL
and genuine approaches will not be forthcoming {if at all} until post appraisal of the said prospects, and that
obviously will be contingent on good results.

So, currently as of today, we have a MC of approx $250m {minus cash on hand}. We have a PRE 2C estimate
net to FAR of 90mmboo. Take away another say $10m for Kenya, GB et al and leaves $240m attributable to
the entire Senegal acreage or roughly $2.66 per barrel value given to that estimated 90mmboo net to FAR.
Obviously, some of that $2.66 would include other "prospects" within our block, but we will stick with $2.66
at the moment, as this will increase/decrease in tandem, pending actual 2C results and results of future appraisals.
Some would argue that with WTI @$50 and poor sentiment, that this $2.66 or 0.094cps is already fairly valued
or even over-valued, at least Pre 2C. We shall have to wait & see the quality of the 2C result and the immediate
sentiment & POO on the day of release to see where the SP may end up in the shorter term.

How much of this current 0.094cps is already factored into FAR actually delivering that estimated 90mmboo
on the day of release? What is 90mmboo actually worth post 2C? Hard to guage at this stage--who knows how the
market will react, but I think it safe to assume that with 90mmboo confirmed with excellent por/perm etc and other
prospects upgraded it WILL be valued higher than the current $2.66 per barrel. If we get $4 per barrel then with
cash and other tenements SP will approach 13-13.5c. I personally find it hard to imagine the SP getting to its previous
highs of 15.5c in this climate, unless the 2C results surprise mightily to the upside and market exuberance takes hold.

Post successful appraisal is where the action could hot up for a T/O or partial sell-down. I will assume that only
SNE will be appraised and BH will be drilled come early 2016. Assume SNE confirms 50mmboo net to FAR after
2 appraisals with good flow rates and that BH makes a discovery of {I think} another 30mmboo net to FAR. 2C
result has given us { FAN1} a contingent resource of 45mmboo net to FAR. So now we have perhaps a 3P reserve
of 50mmboo, a 2C resource of 45mmboo and a pre 2C estimate of 30mmboo. Assume POO early 2016 is $75boo.
3P reserve may yield us a valuation of $10 per barrel, 2C FAN may be worth $5 and pre 2C BH may give us $2.50.
$20m cash in the bank plus other tenements would value us at 24cps. Throw in a T/O at a 50% premium and 36cps.
75% premium 42cps, 100% premium 48cps.

How long is a piece of string really. The above is a {on my part at least} a reasonable risk/reward scenario based on
information to hand which will obviously firm even further if we get a nice 2C report. POO/Sentiment, actual results
of appraisals and exploratory drill at BH are of course unknown at this stage and hence, until they are known 9-12
months out from here, it is impossible to put any future price on FAR. The above is simply an exercise as to how I
would hope things play out. They would constitute probably the mid point range of my expectations.

Sorry to rabbit on.

GLTAH